Advice on my debt please
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I would not consider a Polo as suitable for company use. (Too small) For business use most companies would want Golf / Focus sized at least. Also, if the OP is racking up any kind of mileage he won't want to be doing that in a small car. In my industry, if you were taking an allowance instead of a car, the base level allowance would be £6K.
The OP's current car IS a Polo - which is why that was used as an example. They are also not doing high mileage - the car is 11 years old and has only done 56k IIRC from the early posts. My Clio did that and more inside its first 3 years! :rotfl:🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
EssexHebridean wrote: »The OP's current car IS a Polo - which is why that was used as an example. They are also not doing high mileage - the car is 11 years old and has only done 56k IIRC from the early posts. My Clio did that and more inside its first 3 years! :rotfl:
at present I am doing between 500 - 800 miles per month, but that is depended on where I will be traveling.0 -
Yes that doesn't classify as high mileage at all. My fairly standard 40 mile commute if I was doing it full time would rack up over 800 in a month without any additional driving at weekend etc.at present I am doing between 500 - 800 miles per month, but that is depended on where I will be traveling.
I take it you've checked that your car insurance mileage is correct - ie low enough? Don;t change the policy specifically on that basis as they'll charge you a fee to amend it but it would be worth checking when next you renew. I take it also that your policy is including Business Class 1 use?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Morning all sorry was not able to log on yesterday.
I believe they understand about the car as im not at full pay, and I have made it clear that until I am sorted and on full money I wont be getting a new car as I can afford it or justify it. but every now and again they do ask have you been looking etc.
I do get mileage which is 10p per mile. Last year I I did claim the rest up to the 45p and got about £200. I never quite understood why it was so low as im sure the from state it was £800-£1000 but I believe it was only 20% of that that was returned.
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Well done for making an argument about the new car when do you do your final exam?
as for the mileage rate being low it's because you receive a car allowance as well which is deemed to include the wear and tear on the vehicle. The 45p/mile is for business use when not receiving an allowance. When I was a graduate I used my own car and got the 45p/mile then I jumped up a level and got a car allowance and the (I think) 11p/mile.
Well done for claiming back the tax on the difference not everyone knows that.DFD September 2017
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Yes my insurance is all in order mileage and class type.
no its not really that high, but a lot more than what I previously drove as you can tell will my cars mileage.
I have workout that my online retail account has £3101.92 that is still interest free but that will be changing over the coming months.
and £4694 has the remainder of the items which needs to be paid and the interest has been applied.
Looked at a 36 month load for at £6000 that is working out to about £180 monthly repayments.
The remainder of the items I can pay off before the interest is applied.0 -
sugarcube84 wrote: »Morning all sorry was not able to log on yesterday.
I believe they understand about the car as im not at full pay, and I have made it clear that until I am sorted and on full money I wont be getting a new car as I can afford it or justify it. but every now and again they do ask have you been looking etc.
I do get mileage which is 10p per mile. Last year I I did claim the rest up to the 45p and got about £200. I never quite understood why it was so low as im sure the from state it was £800-£1000 but I believe it was only 20% of that that was returned.
QUOTE]
Well done for making an argument about the new car when do you do your final exam?
as for the mileage rate being low it's because you receive a car allowance as well which is deemed to include the wear and tear on the vehicle. The 45p/mile is for business use when not receiving an allowance. When I was a graduate I used my own car and got the 45p/mile then I jumped up a level and got a car allowance and the (I think) 11p/mile.
Well done for claiming back the tax on the difference not everyone knows that.
Well looking like the 28th of November and the results take 2-3 months to come back. So I would be looking at April for pay rise if all goes well.
But I may ask if I can get half of the new pay before that as that is what they did for my college who is doing the same position as me and also a trainee. he is also retaking the same exam.0 -
Have you cleared that overdraft yet? Or at least taken it to below the £1000 level? I take your point about the savings, but at the moment the savings are actually COSTING you money. Long term you need to build an emergency pot, but for now, the most important thing is to put a proper budget in place - that actually balances - and to reduce the amount your debt is increasing each month. The budget will stop the "emergencies" from occurring in part - as almost always these "emergencies" are actually costs that could have been budgeted and saved for.
There is a difference between having savings in place budgeted for upcoming expenses, and simply having savings in place doing nothing. At the moment you are paying your bank to save money - that's not a good deal.
The two days you've hesitated about reducing that overdraft has just increased it by another £1 remember - that doesn't sound like much, but at the level it is at currently your OD is costing you nearly £550 a year. To me that sounds like a heck of a lot of money!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
I have reduced by £200, and will do some more when I am next paid. would do more but I want to pay my renewed insurance in full and I also have a couple other things to come out this month still.0
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I have workout that my online retail account has £3101.92 that is still interest free but that will be changing over the coming months.
and £4694 has the remainder of the items which needs to be paid and the interest has been applied.
Looked at a 36 month load for at £6000 that is working out to about £180 monthly repayments.
The remainder of the items I can pay off before the interest is applied.
What do you think?0
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